Jaran Enterprises Income Statement For the year ended December 31, 2021 Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Net Income Jaran Enterprises Comparative Balance Sheet As of December 31, 2021 2018 P 11,792,000 6,650,000 5,142,000 2,260,000 P_2,882,000 2017 Cash P 593,200 33,000 Accounts Receivables 428,000 Merchandise Inventory ? 413,000 14,000 51,000 Office Supplies Prepaid Insurance 46,000 48,000 Property, Plant and Equipment 3,540,800 3,540,000 Total Assets P 5,019,000 P ? Accounts Payable P 517,000 P 108,000 Salaries Payable 51,000 0 Mortgage Payable 0 2,600,000 1,500,000 Share Capital 1,500,000 Retained Earnings 2,951,000 69,000 Total Liabilities and Equity P? P 4,277,000 Based on the above information, determine the debt ratio, acid test ratio, and return on assets for the year 2021. Round off to two decimal places. P

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Jaran Enterprises
Income Statement
For the year ended December 31, 2021
Sales
Less: Cost of Sales
Gross Profit
Less: Operating Expenses
Net Income
Jaran Enterprises
Comparative Balance Sheet
As of December 31, 2021
2018
P 11,792,000
6,650,000
5,142,000
2,260,000
P 2,882,000
2017
P 33,000
Cash
P 593,200
Accounts Receivables
428,000
?
Merchandise Inventory
?
413,000
14,000
51,000
Office Supplies
Prepaid Insurance
46,000
48,000
Property, Plant and Equipment
3,540,800
3,540,000
Total Assets
P 5,019,000
P
?
Accounts Payable
P 517,000
P 108,000
Salaries Payable
51,000
0
0
Mortgage Payable
Share Capital
1,500,000
2,600,000
1,500,000
69,000
Retained Earnings
2,951,000
Total Liabilities and Equity
P?
P 4,277,000
Based on the above information, determine the debt ratio, acid test
ratio, and return on assets for the year 2021. Round off to two
decimal places.
Transcribed Image Text:Jaran Enterprises Income Statement For the year ended December 31, 2021 Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Net Income Jaran Enterprises Comparative Balance Sheet As of December 31, 2021 2018 P 11,792,000 6,650,000 5,142,000 2,260,000 P 2,882,000 2017 P 33,000 Cash P 593,200 Accounts Receivables 428,000 ? Merchandise Inventory ? 413,000 14,000 51,000 Office Supplies Prepaid Insurance 46,000 48,000 Property, Plant and Equipment 3,540,800 3,540,000 Total Assets P 5,019,000 P ? Accounts Payable P 517,000 P 108,000 Salaries Payable 51,000 0 0 Mortgage Payable Share Capital 1,500,000 2,600,000 1,500,000 69,000 Retained Earnings 2,951,000 Total Liabilities and Equity P? P 4,277,000 Based on the above information, determine the debt ratio, acid test ratio, and return on assets for the year 2021. Round off to two decimal places.
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